Gold's Glittering Rise, Bank Earnings Beat Estimates
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Gold has surged to a new record above $5,500 an ounce as a lack of liquidity helps to accelerate a nine-day rally. The price of bullion has once again soared this week, fuelled by a weaker dollar and investor flight from sovereign bonds and currencies. Martin Ritchie is our metals and mining reporter.
We're in territory now where the prices have gone up so much that, you know, it has sort of changed market dynamics. And, you know, we did reference some people, some analysts in the market today saying, you know, these kind of levels, you know, banks don't really want to trade so much. The risks are higher. That just tampers down liquidity. So the remaining market players are sort of fewer and far between. And that's a kind of environment where you get bigger amplified price moves.
Martin Ritchie speaking to us there is growing bets on a dovish Fed policy shift, helping propel a record-breaking rally across commodities with gold, copper and silver all hitting record highs.
The surge in gold and other precious metals came after the Federal Reserve left its key interest rate unchanged in a widely expected move. Traders largely looked past the decision, focusing instead on the weakening dollar. The greenback has continued to slide after pairing some losses on Wednesday, even as the Treasury Secretary Scott Besant came out to affirm the US always has a strong dollar policy. His remarks come after President Trump sparked a sell-off in the currency by suggesting he's comfortable with a weaker dollar.
And in earnings, Deutsche Bank has announced a €1 billion share buyback as it reported pre-tax profits of just over €2 billion for the fourth quarter. However, the results were overshadowed by the lenders' offices in Frankfurt and Berlin being raided by German authorities yesterday. It's part of a money-laundering probe looking at past dealings by staff with firms linked to Roman Abramovich. Here's what Deutsche Bank's CFO, James von Moltke, told Bloomberg about the investigation.
Well, we had one of our occasional visits from the prosecutors yesterday, and as you may have seen in some of the reporting yesterday, the investigation relates to transactions from the years 2013 to 2018. Naturally, we're cooperating, as we do in each case, with the prosecutor in their search, and we will continue to do that.
James von Moltke speaking there. As news of the probe drove the bank's share price lower yesterday, it closed down 2%. This morning, shares in Deutsche Bank are down 1.5%.
Lloyds Banking Group has announced a £1.75 billion share buyback as their results beat expectations. The British lender posting preliminary pre-tax profit of just under £2 billion for the final three months of 2025. The UK's biggest mortgage lender says the results were boosted by its core banking business as well as newer insurance and wealth products.
What factors are contributing to the surge in gold prices?
Shares in the bank up just over 1%.
Meanwhile, the world's largest tech firms are showing no sign of easing up on artificial intelligence spending as earnings reveal plans worth hundreds of billions of dollars. Meta alone has ambitions to spend as much as $135 billion this year, as Microsoft also ratcheted up capital expenditure by a higher than expected 66%. We've got a view on both companies from our tech editor, Vlad Savov.
For Meta, it's all AI. It's AI first. It's do or die. There's no plan B. So it's more of a, let's say, pure play on AI. And then you also have to consider the products that they have. Meta is building up. Mark Zuckerberg's super intelligence team is only just going to introduce these new AI models.
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